AsemconnectVietnam - On April 22, 2023, Bac A Commercial Joint Stock Bank (BAC A BANK - stock code BAB) successfully held the 2023 Annual General Meeting of Shareholders in Nghe An.

In 2022, anticipating difficulties in the domestic financial market and interest rate fluctuations in the last months of the year, BAC A BANK proactively and flexibly operated the Bank's activities, ensuring compliance comply with all targets, capital adequacy ratio and operational safety according to regulations of the State Bank. Therefore, all activities of the Bank are stable, growing safely and sustainably.
By the end of 2022, the Bank's total assets reached nearly VND130 trillion, charter capital reached more than VND8,134 billion, capital mobilization increased by 6.1% compared to 2021 with flexible management, closely following capital market situation, continued to achieve good growth results, ensuring liquidity and meeting capital sources for the Bank's business activities.
Over the past year, credit growth has always followed the SBV's regulations on credit limit, and credit quality has been increasingly improved. Bad debt continued to be well controlled, bad debt settlement completed the set target, bad debt ratio was 0.55%, down 0.22% compared to 2021. Profit before tax reached VND1,032 billion , completing 103.2% of the business plan assigned by the General Meeting of Shareholders. Investment consulting activities continue to be promoted for projects related to high-tech agriculture, healthcare, education, and tourism. These are areas of activity that bring many benefits and great meanings to socio-economic development.
In addition, BAC A BANK has completed phase I of the Banking Kiosk project, marking an important development milestone in the digital transformation process. The Kiosk Bank transaction counter system can perform automatic transactions with customers through the STM system, which is integrated with optimal customer identification and information security technologies. After the first phase of official operation, the Kiosk Banking system operated stably, initially received attention and positive feedback from customers, this is the premise for BAC A BANK to continue implementing the phase II of the Kiosk Banking Project nationwide.
By applying risk management standards in accordance with regulations of the State Bank of Vietnam and international practices, in 2022, BAC A BANK has completed the entire 3-pillar risk management project in accordance with Circular 13/NHNN applied by the Bank. Using Basel 2 standards, completing the internal assessment of capital adequacy, and accepting a series of documents, processes, methods, and reports. Strengthen and improve internal inspection and audit through remote operation monitoring combined with direct inspection to ensure timely detection and handling of violations and errors, if any during the operation process of business units.
In 2023, BAC A BANK will continue to follow the through-through orientation of building and developing the bank in the direction of modernity, advanced governance, in line with Vietnamese and international practices and standards, and fully satisfy sufficient and diversified needs of financial and banking services of the economy. Focus on investment consulting and lending to enterprises applying high technology in agricultural - forestry - fishery production, production and processing, auxiliary, healthcare, education... The Bank continues to build and implement safe and effective business plan objectives, implement solutions to improve governance capacity, risk management capacity...
On the basis of the business plan developed at the beginning of the year, the Board of Management develops a business orientation plan for 2023 of BAC A BANK with adjustments in line with the operation situation and business environment forecast in 2023, compared with 2022: total assets expected to increase by 7.9%; charter capital increased by 21.2%; customer deposits increased by 5.0%; outstanding loans increased by 9.6%; revenue from services and guarantees increased by 59%; pre-tax profit reached VND1,100 billion, the number of transaction points increased by 12 points.
At this meeting, the Board of Directors of BAC A BANK submitted to shareholders and approved the plan to increase charter capital to nearly VND9,900 billion with 2 forms: issuing ordinary shares to pay dividends to shareholders and offering common shares to existing shareholders.
The meeting also agreed on the share dividend rate in 2022 at 7.5%, the source of implementation is taken from the remaining after-tax profit of BAC A BANK in 2022, after the funds have been set aside.
N.Nga
Source: VITIC/Tinnhanhchungkhoan